UK: Global property advisor Knight Frank has completed the sale of Aubrey Park Hotel near St. Albans to Somani Hotels Limited for an undisclosed sum.
Originally an 18th century farmhouse, Aubrey Park now offers 137 en-suite bedrooms, a restaurant, six meeting rooms, a conference facility, and fitness space. The grounds also include a six acre meadow and a landscaped garden available for event hire.
The transaction marks the second hotel Knight Frank has sold to the Somani following the recent acquisition of the 44-room One Mill Street in Luton. The company also owns The Bell Hotel in Epping.
Hassan of Somani Holdings said: “We are delighted to have completed this transaction as strategically, Aubrey fits very well with our existing hotel portfolio. We are pleased to welcome the excellent team at the hotel, expertly led by Rafael Gonzalez, to our group and we look forward to investing in the hotel and staff whilst developing the business further.”
Henry Jackson, head of Hotels at Knight Frank, added: “This transaction was an example of brilliant teamwork achieving in excess of the guide price and in a timely manner. We received multiple offers for the hotel as investors were attracted by the potential repositioning and re-branding opportunities, and the attractive location so close to London. We are excited to see how the team develop the hotel over the coming years.
“Over the last month, the Knight Frank hotels team have concluded in excess of £42 million in hotel sales. With a robust pipeline of transactions in legals, 2023 is demonstrating the demand from investors looking to deploy capital into the hotel sector.”